To ensure there are no discrepancies while accounting for VAT, a comprehensive VAT Health Checkup takes care in identifying any errors or mistakes in records maintenance, documents preparation and submission of VAT returns. VAT health checkup is important because any mistake is going to cost the company in the form of heavy fines by the FTA according to the Law. It is a responsibility of a taxable person and businesses to ensure that the business is VAT law compliant.
The following can be included as part of the VAT Health Check depending upon the scope agreed:
Reviewing the complete VAT cycle beginning from VAT registration, VAT returns filed for the whole period, assessment of books of accounts and related VAT documents.
Reconciliation of the accounting record and financial statements with VAT returns filed for the period.
Reviewing of how the output and input VAT calculations were done and checking the accuracy of the same.
VAT planning for considering all the eligible transactions for maximizing input VAT claim, considering the right amount output VAT in order to avoid VAT penalties in future whenever any FTA audit takes place for the company.
Identification of errors if any in the VAT returns that were already filed and suggesting the way forward to correct them without getting into huge penalties later.
Reviewing other requirements like keeping the records for enough number of years, raising tax invoice by following the requirements of the Law and other specific requirements depending upon the business of the company
Correcting the errors by submitting the Voluntary Disclosures Form 211, if required to rectify errors in the VAT returns that are already filed.
Assistance in preparation of VAT Audit files with complete audit trail
What are the benefits of VAT Health Checkup?
Some of the major benefits of VAT health checkup for businesses are:
VAT compliant books of accounts for the period
VAT compliant record keeping and documentation
Audit file with complete audit trail
Strategy for avoiding VAT penalties and adequate compliance as per UAE VAT law
Businesses can concentrate on their core business activity without worrying on VAT compliance’s
How Spectrum can help you?
Spectrum is a pioneer in the field of Value Added Tax in UAE and our team of tax experts will help you with the VAT health checkup process. We can visit your office and go through full transactions and advise on any improvements that are required with respect to compliance of VAT law like preparation of Tax invoice, recording of transactions, and maintenance of sufficient records as required by the law or you can visit Spectrum office to understand more about VAT law requirements.
Spectrum Auditing and Accounting is an end-to-end accounting and audit services company and is a registered VAT Consulting firm based in Dubai. We offer VAT Agent & VAT Audit services in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, Umm Al Quwain covering the whole of UAE. We provide a comprehensive portfolio of VAT services ranging from Tax Advisory Services, VAT Implementation Services, VAT Return Filing, VAT Compliance Review, TAX Consultancy Services and Tax Agent Services apart from Tax Audit Service.
Call us today for a free consultation.
Tel: +971 4 269 9329 |